“"I fancied myself as some kind of god....It is a sort of disease when you consider yourself some kind of god, the creator of everything, but I feel comfortable about it now since I began to live it out.” -- George Soros

But what impact will extraction have on endemic populations of the endangered Pink-bellied Fence Lizard? The government needs to do a 20-year environmental study before any drilling.

I would be more concerned about the possible increase of CO2 in the atmosphere... Of course I know American scientists have disproved the existence of CO2 at all on planet Earth, but nevertheless...

Not to worry Once the border wall is built all that CO2 can't illegally enter other countries.

“"I fancied myself as some kind of god....It is a sort of disease when you consider yourself some kind of god, the creator of everything, but I feel comfortable about it now since I began to live it out.” -- George Soros

“"I fancied myself as some kind of god....It is a sort of disease when you consider yourself some kind of god, the creator of everything, but I feel comfortable about it now since I began to live it out.” -- George Soros

Well, once these oil and gas reserves are developed who is likely to benefit most? I am thinking globally.

The USA? Probably not by much. The country must already be glutted with cheap oil and gas from previous shale discoveries so it hard to see how either can become cheaper without driving existing producers into insolvency. Besides, the USA has a past record of squandering its natural advantages via poor economic management due principally to its politics being in thrall to string-pulling vested interests.

Not Saudi Arabia or the Gulf Emirates. The resultant low oil and gas prices will further nullify the ability of these to play their by now traditional role as global swing producers.

Certainly not Russia. The availability of cut price US oil and gas has already mitigated Russia's ability to screw its foreign customers with price gouging. Newly developed reserves of shale oil and gas will further clip Russia's wings.

Europe has to import so much of its oil and gas that it cannot help but benefit. However it is unlikely that European consumers will reap much benefit in the form of cheaper energy due to the habit of European government of imposing high taxes on petrol. When the cost of crude goes down the excise duties go up. Furthermore, with the EU currently unraveling a cloud hang's over Europe's future.

But then there is China.

Despite having a large sedimentary basin underlying northern China, the existence or otherwise of large underground shale structures containing vast amounts of oil and gas remains unknown. The point is that China currently relies largely upon external supplies of oil and gas. As this country's economy has for decades been growing at a much faster rate than that of the USA and long term shows no sign of slowing down yet. With further growth its need for imported oil and gas is bound to grow in lockstep.

Oil and gas importers as a rule benefit from globally cheap hydrocarbons energy while oil and gas exporters suffer from shortfalls of income from these resources.

The ultimate beneficiary of the cheap oil and gas resulting from this new discovery in the USA is very likely to be (ironically) the Peoples Republic of China.

Nobody will gain from cheap oil, as it will encourage its use for the generation of energy, and will make the CO2 problem even bigger. Hopefully renewables will become cheaper than oil generated energy, and everything will be fine again, except for the oil producing countries. In Europe we are planning to be 100% dependent on renewables by 2050. I will not be around by then, but I'm glad my children and grandchildren will benefit from it.

Some basics:
1. Energy self-sufficiency is a good thing. The U.S. can achieve.
2. The ability for companies to market natural gas and oil overseas is a good thing. U.S. companies are doing so.
3. Extracting and marketing fossil fuels creates jobs and tax revenue. It's happening in the U.S.

Some basics:
1. Energy self-sufficiency is a good thing. The U.S. can achieve.
2. The ability for companies to market natural gas and oil overseas is a good thing. U.S. companies are doing so.
3. Extracting and marketing fossil fuels creates jobs. It's happening in the U.S.

4. Producing and marketing renewable forms of energy is good for the environment, creates jobs, and is happening outside the U.S....